Three Ways Owners & General Managers Can Reduce Restaurant Employee Theft

an owner and general manager discussing ways to prevent restaurant employee theft

Especially in the Quick Service Restaurant (QSR) space, employee theft can have a huge impact on a business’s profitability. According to a study by the National Restaurant Association, QSRs lose up to 7% of sales to employee theft. Another study found that 75% of all restaurant inventory shortages are the result of employee theft as […]

Selling Your Business? Owner Add-backs Are Key for High Valuation

Person working on a laptop updating a spreadsheet of owner add-backs

If you’re considering selling your business, it’s vital to get your financial documentation in order. Having expert accounting support is the best way to ensure you get the highest possible valuation for your business, especially when it comes to factoring in owner add-backs. We see so many franchise and restaurant owners relying on simple bank […]

Handling Chargebacks in Your Financial Reporting

Handling chargebacks properly will ensure accurate financial statements

It’s a common practice to report chargebacks as an offset to income or negative income. However, this will result in discrepancies between the POS sales reports and your financial statement. That’s why we recommend reporting chargebacks in your accounts receivable statement rather than your income statement. We’ve put together a quick (2 minute) video to […]

Reconciling 3rd-Party Delivery Statements

reconciling accounts ensures you protect your bottom line

Reconciling your accounts is absolutely vital if you want to ensure you aren’t losing money on 3rd-party delivery services. Reconciling will help to ensure you identify discrepancies and can even help to prevent employee theft. We’ve put together a quick (2 minute) video to help ensure you aren’t getting short-changed. You can also read the […]

Point Of Sale Programming for 3rd-Party Delivery Services

programming point of sale systems

To avoid losing money when working with 3rd-party delivery services, it is important to record the sales correctly in your POS system. While not all point of sale systems are pre-programmed to account for 3rd-party delivery, there are usually some steps you can take to program your POS to help with your monthly reconciliation. We’ve […]

3rd-Party Delivery Services and State Rules for Sales Tax Remittance

state rules for sales tax remittance

If you’re a restaurant working with 3rd-party delivery services, it’s incredibly important to know your state’s rules for sales tax remittance – as you don’t want to be overpaying. We’ve put together a quick (2 minute) video to help explain why it’s vital that you stay informed. You can also read the transcript below. With the […]

How a Franchise Accounting Partner Can Help You Run a More Profitable Business

a specialty franchise accounting partner will help you increase profits

When searching for bookkeeping services, it’s tempting to think about franchise businesses as any other small or medium-sized business. But the reality is, most franchise owners run several locations. This means you’re actually running several businesses under the same umbrella – which makes for different accounting needs. That’s why a specialty franchise accounting partner will better […]